Every year, lefties rise as one to rip ExxonMobil for its “obscene” profits. How much ExxonMobil pays the governments of the world is usually never part of the conversation.
That changes today. Economist Mark Perry sent Nick Schulz (Forbes) this table listing what EM paid in taxes since it was born of the merger of Exxon and Mobil in 1999 (via Steve Everley and Greg Pollowitz, NRO).
That’s right, EM’s taxes are more than three times its profits for the last dozen years. For 2011 alone, the firm paid over $100 billion in taxes, more than twice its profits. On income alone, the firm had an effective tax rate of 43% – higher than any marginal income tax rate in the United States.
In other words, ExxonMobil had a higher tax rate than you, me, Mitt Romney, Barack Obama, or any other American you can name. Something to think about when lefties demand EM pays its “fair share.”
Cross-posted to Virginia Virtucon
